Marijuana Sector Positioned to Move Higher as FDA Reviews Drug’s Status
WHITEFISH, MT / June 30, 2014 / The Marijuana Index(TM) traded marginally lower last week after MedBox Inc. (OTC:MDBX) and CannaVEST Corp.’s (OTC:CANV) moves lower offset GW Pharmaceuticals plc’s (NASDAQ:GWPH) modest gains.
Top gainers included Tauriga Sciences Inc. (TAUG), which jumped more than 60% after saying that it remains on track with its Honeywood acquisition to commercial products in the medicinal cannabis sector, and Vape Holdings Inc. (VAPE), which jumped more than 40% after reporting results from the soft launch of its e-commerce website HiveCeramics.com last week. The largest decliners included Easton Pharmaceuticals Inc. (OTC:EAPH), which fell nearly 20% last week.
Cannabis regulatory initiatives and news were mixed last week. While the United Nations warned about a rise in cannabis-related medical cases following legalization efforts, the U.S. FDA indicated that it would reconsider marijuana’s status as a Schedule I Controlled Substance. Legalization efforts have also gained ground in many U.S. states, with Oregon and Alaska becoming two battlegrounds for recreational legalization efforts over the coming year.
- Source: Yahoo Finance
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